Early Fed hike fears, a firm dollar, and Treasury yields at their highest since 2002 drove the selling in the precious metals pack. Softer PCE inflation and a weak 29,000 September payroll print cut October hike odds to about 22%, but rallies above $4,200 faded. The US-Iran standoff kept oil and rate expectations elevated.

Gold and silver had a punishing week, with spot gold down about 2% and spot silver down nearly 3%. The pressure came from rates, not fading safe-haven appeal: a firmer dollar, 10-year Treasury yields near 5.50% and a hot flash PMI have raised bets on another Fed hike in October.

Gold and silver ended a shaky week higher after the Fed’s 25-basis-point hike to 3.75%–4.00% came with a hawkish dot plot, while oil, driven by Saudi pipeline disruptions in the Iran war, set the tone for metals.

Gold and silver remain caught between conflicting forces: dovish Fed signals versus resilient labor data, both feeding uncertainty ahead of next week’s CPI and PPI releases. Meanwhile, escalating Strait of Hormuz tensions continue underpinning safe-haven demand. Steady central bank buying and strong ETF inflows reinforce structural support, even as near-term direction hinges heavily on incoming inflation data and geopolitical developments.

Gold surged toward $4,700 last week — its highest since mid-May — on fears of dollar debasement after the US Treasury doubled its bond buyback programme. The rally reversed sharply Friday when Fed Chair Kevin Warsh’s hawkish Jackson Hole speech pushed September rate-hike odds from 35% to 57%, sending gold back to $4,450.

Gold and silver held onto most of last week’s gains despite Friday’s profit-taking, as weak payrolls and soft CPI fed a disinflation narrative, though Thursday’s firmer PPI pushed September rate-hike odds to 40%. FedWatch now shows 30% odds, down from 47%.

Gold jumped 6% to $4,350/oz and silver nearly 7% to $65/oz after a shock 23,000 US job loss in July cut Fed hike odds to 44%. Strait of Hormuz tensions and yen intervention added volatility. Indian demand stayed investment-led.

Gold and silver closed a volatile week on a mixed note, caught between safe-haven demand from the ongoing US–Iran conflict, a Federal Reserve that held rates but sounded far from dovish, and a sharply weaker dollar.

With the Fed’s decision coming up next week and no sign that Middle East tensions are cooling, gold and silver are likely to stay highly reactive to news. A softer tone from the Fed or fresh conflict in the Gulf could bring safe-haven buying back. But if the dollar and yields keep rising alongside hawkish Fed comments, prices could stay stuck in a narrow range for now.

Gold and silver fell sharply last week, with silver hit hardest, as oil surged nearly 13% on US-Iran clashes and Hormuz threats, reviving inflation fears and raising expectations of a September Fed hike

Gold and silver lost ground last week, giving up their brief rebound as renewed US-Iran military strikes stirred fresh inflation worries and pushed up the odds of another Fed rate hike.

Gold gained around 2%, while silver jumped nearly 5%, both snapping extended losing streaks as new Fed Chair Kevin Warsh’s dovish comments reinforced the shift, cutting September rate-hike odds roughly in half.